The school district needs to pass a bond levy for funding to remodel existing schools and to build new schools. Expenditures for the new and remodeled buildings will begin two years after passage of the bond. If the school district receives all funding immediately after the passage of the bond and can invest the funds at a rate of​ 2.75% per​ year, how large must the bond be for the district to have​ $48,000,000 at the start of​ construction?

The county of Santa Clara is building a new park. The main financing source will be $1,000,000 bond issue. In addition, the general fund will transfer $100,000 transfer to fund the capital project. Please record the journal entries for the Capital Project Fund & the Government-Wide financial statements.   1. The county has signed a contract with Spectacular Construction to construct the park $1,000,000 2.The $1,000,000 bonds were issued at par 3. Spectacular Construction billed the county of Santa Clara $1,000,000 upon completion of the project 4. The park is completed

s The Village of Hawksbill issued $5,900,000 in 5 percent general obligation, tax-supported bonds on July 1, 2019, at 101. A fiscal agent is not used. Resources for principal and interest payments are to come from the General Fund. Interest payment dates are December 31 and June 30. The first of 20 annual principal payments is to be made June 30, 2020. Hawksbill has a calendar fiscal year. 1. A capital projects fund transferred the premium (in the amount of $59,000) to the debt service fund. 2. On December 31, 2019, funds in the amount of $147,500 were received from the General Fund and the first interest payment was made. 3. The books were closed for 2019. 4. On June 30, 2020, funds in the amount of $383,500 were received from the General Fund, and the second interest payment ($147,500) was made along with the first principal payment ($295,000). 5. On December 31, 2020, funds in the amount of $140,125 were received from the General Fund and the third interest payment was made (also in…

Voters of Valdez School District, a public school district, approved construction of a new high school at a cost not to exceed $20 million.  The district will finance the construction by issuing $20 million of 6 percent term bonds payable in 20 years.  Because the site had already been prepared, the school district began construction immediately but the bonds would not be issued for nearly a year.  Shortly before the fiscal year-end, the school district borrowed $5 million from a local bank due in one year with interest at 6.2 percent.  The note will be repaid from bond proceeds.  The school district secured a financing agreement with the bank to convert the debt to a 10-year debt if the school district is unable to sell the bonds by the due date.  At year-end, how should the $5 million note be displayed  in the government-wide financial statements? A.) Notes payable-long term $5 million; B.) Notes payable-short term $5 million;  C.) Nothing D.) None of above

This year Southfork began work on a senior center to hold activities for its growing senior citizen population. It is to be financed by a $5,000,000 bond issue, a $500,000 grant, and a $500,000 General Fund transfer. The following transactions occurred during the current year: The General Fund transferred $500,000 to the Senior Center Capital Projects Fund. A plot of land was purchased for $400,000 in cash. (This cost had not been encumbered.) Preliminary planning and engineering costs of $95,000 were vouchered. (This cost had not been encumbered.) A contract was signed with Sunset Construction Company for the major part of the project on a bid of $4,950,000. The $5,000,000 bonds were issued at par. Temporary investments were purchased at a cost of $3,500,000. A payable was recorded for a $49,500 billing from the Water and Sewer enterprise fund for the cost of extending water pipes to the new building. (This cost had not been encumbered.) An invoice in the amount of $1,500,000 was…

A county's general fund has $4,000,000 in supplies on hand at the beginning of 2020. It purchases $25,000,000 in supplies and uses supplies costing $26,000,000 during 2020. If the county uses the consumption method to report supplies inventories, what balances appear in the general fund financial statements for 2020? Multiple Choice Expenditures of $26,000,000 and fund balance-nonspendable of $3,000,000 Expenditures of $25,000,000 and fund balance--unassigned of $3,000,000 Expenditures of $25,000,000 and fund balance-nonspendable of $3,000,000 Expenditures of $26,000,000 and fund balance--unassigned of $3,000,000

In response to a petition signed by the property owners of Riverdale Subdivision, the city of Pewaukee will oversee the installation of sidewalks, curbs, and gutters in the subdivision, to be accounted for in the city’s capital projects fund. Pewaukee reports on a calendar-year basis. Construction is estimated to cost $900,000 and will be financed by a $100,000 county grant, a $50,000 transfer from the city’s general fund, and special assessments of $750,000 to be levied against subdivision property owners. One-third of the levy is to be due on February 1 of each year, starting with 2018. The first $250,000 installment will be received by the capital projects fund directly. The remaining installments will be collected by the debt service fund and will be used to service the related bond debt. The project is to begin on January 15, 2018, and is to take 18 months to complete. It is estimated that 70% of the work will be completed during 2018.To cover construction costs, a 6%, $500,000…

2. Big City provides a defined benefit pension plan for employees of the city water department,an enterprise fund. Assume that the service cost component is $420,000, and interest on thepension liability is $380,000 for the year. Actual returns on plan assets for the year were$300,000 while the projected level of earnings on plan investments was $360,000. Thisdifference is to be amortized over a 5 year period, beginning this year. Finally assume theCity is amortizing a deferred inflow resulting from a change in plan assumptions from a prioryear in the amount of $10,000 per year. Required: Prepare journal entries to record annual pension expense for the enterprise fund.